Citigroup Has Lowered Expectations for Asbury Automotive Group (NYSE:ABG) Stock Price

Asbury Automotive Group (NYSE:ABG) had its target price dropped by Citigroup from $260.00 to $212.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 5.54% from the company’s current price.

ABG has been the topic of a number of other reports. Bank of America started coverage on shares of Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating for the company. JPMorgan Chase & Co. upped their price target on shares of Asbury Automotive Group from $235.00 to $240.00 and gave the stock an “underweight” rating in a research report on Friday, March 20th. Stephens lowered their price target on shares of Asbury Automotive Group from $277.00 to $254.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays upped their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Weiss Ratings cut shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 23rd. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Asbury Automotive Group presently has a consensus rating of “Hold” and a consensus target price of $242.29.

Asbury Automotive Group Trading Up 2.9%

NYSE:ABG traded up $5.73 during mid-day trading on Wednesday, hitting $200.87. 82,691 shares of the stock traded hands, compared to its average volume of 216,216. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 8.04 and a beta of 0.80. Asbury Automotive Group has a 52 week low of $184.61 and a 52 week high of $274.50. The firm’s 50 day moving average is $211.24 and its two-hundred day moving average is $228.91. The company has a quick ratio of 0.35, a current ratio of 0.95 and a debt-to-equity ratio of 0.79.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.70 by ($0.03). The company had revenue of $4.68 billion during the quarter, compared to analysts’ expectations of $4.93 billion. Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. Asbury Automotive Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $7.26 earnings per share. On average, equities research analysts predict that Asbury Automotive Group will post 26.28 earnings per share for the current year.

Insider Activity

In related news, Director B. Christopher Disantis purchased 500 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was acquired at an average price of $202.30 per share, with a total value of $101,150.00. Following the completion of the acquisition, the director owned 5,400 shares in the company, valued at approximately $1,092,420. This represents a 10.20% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ABG. Norges Bank acquired a new stake in shares of Asbury Automotive Group in the fourth quarter worth $77,963,000. Eminence Capital LP increased its stake in shares of Asbury Automotive Group by 36.0% in the second quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock worth $239,055,000 after acquiring an additional 265,539 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Asbury Automotive Group by 106.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company’s stock worth $68,842,000 after acquiring an additional 152,669 shares during the period. Woodline Partners LP acquired a new stake in shares of Asbury Automotive Group in the third quarter worth $32,684,000. Finally, American Century Companies Inc. increased its stake in shares of Asbury Automotive Group by 261.7% in the third quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock worth $39,025,000 after acquiring an additional 115,504 shares during the period.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc (NYSE:ABG) is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.

In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.